Newburg Schools get ‘clean’ audit

The Newburg R-II School District has received a “clean” audit report from a Springfield-based accounting firm.

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By Paul Hackbarth | Staff Writer

The Rolla Daily News - Rolla, MO

By Paul Hackbarth | Staff Writer

Posted Dec. 28, 2012 at 12:00 PM

By Paul Hackbarth | Staff Writer
Posted Dec. 28, 2012 at 12:00 PM

The Newburg R-II School District has received a “clean” audit report from a Springfield-based accounting firm.

Ken Schultz, of Schultz, Wood and Rapp, PC, presented the findings of his audit of the school district for the past year during the school board’s Dec. 20 meeting.

“I’m happy to announce that it was a clean audit ... financial statements are in accordance with the accounting principals that are chosen by the district,” he said. “From this standpoint, you should be commended.”

Some of the highlights that Schultz mentioned during his report to the board was that the district’s “general fund and special revenue funds actually decreased during the year by about $66,000, so you went into your fund balance. Your operating fund ratio went down 13:3 from 15:1.”

He also noted state revenue to the Newburg district increased by about $100,000 from the year before while federal revenue dropped by about $110,000.

According to Schultz, the total fund balance for this past year was $2,175,000, the second highest that it has been in the last 10 years, but that includes the bond issue that was approved by district voters in April 2011. At the same time, long-term debt has been the highest it has been in the last few years, and that is also because of the bond issue, Shultz explained.

After receiving the report, the school board unanimously approved the audit.

Also at the Dec. 20 meeting, John Westerman, superintendent of Newburg Schools, gave an update on the construction project at the schools and the general obligation bond financial report.

Westerman said the district currently has approximately $102,000 to $103,000 left to pay the general contractor, Kenny-Hall Construction. Of that amount, about $45,500 is liquidated damages that the district will not pay, according to Westerman.

The superintendent also informed that board, “We have some other projects under the GO bond that we haven’t done yet.”

Westerman said it was previously agreed that part of the bond funds would go toward putting a new roof on the south high school two-story exits and ramps and the annex building walkway. Westerman estimated that work would cost about $25,000 or $26,000.

The superintendent also stated that unless the district can obtain donations to help purchase new trophy cases, which would cost approximately $7,000, the trophy cases also could be covered under the bond funds.

The school board’s next meeting also has been rescheduled to Wednesday, Jan. 23.